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Banks to replace billions of £20 notes

by LLB Editor
21st Feb 20 11:57 am

The Bank of England has begun the massive task of destroying £40bn-worth of paper banknotes, which will be replaced by new polymer £20 notes.

Around two billion paper notes will be withdrawn and composted to be used as a soil improver for agriculture.

“It’s an enormous operation the general public will barely notice,” said Mark Saunders of G4S, which handles two-thirds of Britain’s banknotes.

The replacement of the two billion notes will be the biggest cash replacement in UK history.

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